iCandy first announced the plan to acquire Inzen Studio for around US$4.4 million in September 2016

ASX-listed mobile entertainment company iCandy today announced that it has completed the acquisition process of Singapore-based mobile games studio Inzen Studio.

The company first announced the acquisition plan in September 2016 as part of is move to capture the Asia Pacific market. It planned to acquire Inzen Studio for S$6 million (US$4.4 million).

“The amount is S$4 million (US$2.8 million) in iCandy shares and an additional S$2 million (US$1.4 million) worth of shares to be issued subject to performance milestones,” Inzen Co-Founder and CEO Gerald Tock confirmed in an e-mail to e27.

Following the acquisition, Tock will become the group COO responsible for strategy and partnerships, while Inzen Director Masahiko Honma (who is the Co-Founder and General Partner of Incubate Fund) will be appointed as a Strategic Advisor.

The companies said in a press statement that the key appointments will help the group “expand its capacity” in incubation, investment and publishing.

Inzen Studio will also continue to maintain its brand and identity post-acquisition.

Wth the acquisition, iCandy stated that it aims to become “ecosystem consolidator” in Southeast Asia by integrating games produced by Inzen Studio and its partners into one platform, that will connect them to “over” 20 million users across the groups.

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Kin Wai Lau, Chairman, iCandy Interactive

“The addition of Inzen continues our culture of acquiring the best studios in Southeast Asia. Inzen’s team enables us to develop more games to connect with iCandy’s growing user base. Inzen’s management and shareholders will also enable us to build cross region partnerships and there are already discussions under way between key stakeholders,” said iCandy Interactive Chairman Kin Wai Lau.

iCandy also announced Baidu Games, Incubate Fund, Hatcher, and Global Mobile Game Confederation as institutional shareholders. Their participation will facilitate the company’s strategic partnership across Japan and China.

Headquartered in Melbourne, Kuala Lumpur, and Singapore, iCandy focusses on publishing games for mobile devices. Some of its most successful titles include Crab War, Mobfish Hunters, and Caveboy’s Escape.

Inzen Studio itself was founded by the former core team of Singapore-MIT Gambit Game Lab. It has previously raised US$1.3 million of funding from Incubate Fund, Hatcher, Baidu Games, China’s Global Mobile Game Confederation, and several angel investors.